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solace
04-03-2010, 06:06 PM
I am a canadian (toronto) student. I will be coming down to saba sept 2010 and was going to finalize my loan within the next few weeks(because my dad/co-signer will be leaving after that)..therefore I do not have much time.

I wanted to know how much loan/money should I take out...i dont want to fall short within the 4 years for anything..also i dont want to take out an unneccessary huge amount that would be a ridiculous surplus accumulating interest.

I will be coming alone and I am your average student...no ridiculous spendings, just a decent lifestyle to get in and out in 4 years ;). I dont expect to be coming for an island resort lavish vacation.

I am assuming the banks will give me loans in canadian dollars. I am thinking towards RBC or TD. Any advice about the amount needed from those currently there or have recently completed would be appreciated.Thanks

Also I will be grateful for any other tips or deals I shoud know before going it to finalize my loans.Any better options. Thanks

sgMD
04-03-2010, 09:25 PM
I think we'll spend around 190K Canadian by the end of the 4th year. You can get $150,000CA student loan (or more if your co-signer has high income) and $40,000CA from OSAP (if you're eligible). This should suffice. But then everything depends on where you'll end up rotating. If you end up in NYC, who knows how much you're going to spend over rent/etc...

PS: you've made the right choice among the Caribbean schools.

solace
04-04-2010, 04:01 PM
Thanks for the reply. I think i will go with 150K from TD and apply to osap for the rest.

Do you tell OSAP that you are getting 150K from bank? or do osap before bank loan?



I think we'll spend around 190K Canadian by the end of the 4th year. You can get $150,000CA student loan (or more if your co-signer has high income) and $40,000CA from OSAP (if you're eligible). This should suffice. But then everything depends on where you'll end up rotating. If you end up in NYC, who knows how much you're going to spend over rent/etc...

PS: you've made the right choice among the Caribbean schools.

sgMD
04-04-2010, 10:59 PM
Thanks for the reply. I think i will go with 150K from TD and apply to osap for the rest.

Do you tell OSAP that you are getting 150K from bank? or do osap before bank loan?

You tell OSAP... They will give you a max of 10K per year. This is the max they give out to ontario students studying abroad... If you were from Nova Scotia, you'd get 24K or something though... haha

Plus, I've heard from so many people that TD give them hard time with the loans and co-signing process... I had a very smooth experience with RBC but I went to the right person. Make sure you go to the right person for TD... don't just go to your personal banker. Find the person in charge for student line of credits. I can give you the contacts of the lady I went to in RBC. You can PM me.

Best,

solace
04-06-2010, 10:20 AM
sgMD, I sent you a PM :)

thinker001
04-06-2010, 11:10 AM
i was told by the Saba lady that interviewed me that it's gonna be 140.. where does that 190 come from?? I know it's in CAD but that's still a big difference.

solace
04-06-2010, 11:16 AM
Thinker001, I think sgMD was taking into account all the other associated living costs/expenses for the full four years, esp in the US where you will be moving around alot.And if you get a placement in a very expensive part of say newyork,...then you may need more money...its always better to be a little over then have interruptions in you degree. Also banks give 150K here in Ont...and we can pull 40K from osap(at max)..so it makes sense to take both..since osap...does not take payments/interest till after you graduate...so thats a plus.

thinker001
04-06-2010, 12:09 PM
the thing is she gave me that figure including all living expenses and stuff.. but maybe she excluded the two clinicals years because of the variability in location? that's possible.

solace
04-06-2010, 09:48 PM
I am aware there are many factors such as assets and credit history in looking at a co-signer. But assuming the credit score is well...as a very very rough estimate:

1)what should the income be for a co-signer, if you want to take the 150K LOC offered by banks in ont....what income was sufficient for your co-signer...if you do not know the general estimate
2) does co-signer have to be parents? can it be an aunt or uncle...? I mean will they ask why not parents?

I am having trouble finding a suitable co-signer...

solace
04-07-2010, 03:37 PM
bump....anyone

Mrs.Featherbottom
04-07-2010, 05:40 PM
Hey Solace,

I recently got the 150K LOC from TD with my dad as the co-signer. When I applied, the bank official assured me that the income of the co-signer is not nearly as big of a factor due to the nature of the LOC (i.e. my income potential at the end of my degree outweighs my co-signer's financial standing).

Your co-signer does not have to be a parent but can be anyone that lives in Canada and is willing to co-sign for you - aunt, uncle, brother, sister, family friend, etc.

I really don't know specifics, but I would guess that anyone who's income is lower-middle class or middle class would suffice as a co-signer. Keep in mind that you can have more than one co-signer on your LOC as well - this might be the way to go if you can't find a co-signer who has an acceptable financial status on their own.

I hope this helps.

solace
04-07-2010, 07:00 PM
Hey Solace,

I recently got the 150K LOC from TD with my dad as the co-signer. When I applied, the bank official assured me that the income of the co-signer is not nearly as big of a factor due to the nature of the LOC (i.e. my income potential at the end of my degree outweighs my co-signer's financial standing).

Your co-signer does not have to be a parent but can be anyone that lives in Canada and is willing to co-sign for you - aunt, uncle, brother, sister, family friend, etc.

I really don't know specifics, but I would guess that anyone who's income is lower-middle class or middle class would suffice as a co-signer. Keep in mind that you can have more than one co-signer on your LOC as well - this might be the way to go if you can't find a co-signer who has an acceptable financial status on their own.

I hope this helps.

Thanks for the info..its very helpful. What did you have to take with you to get the loan app submitted..like did they need your dad's job letter or his work contact to verify?

confusled_02
04-07-2010, 07:39 PM
I got a LOC with TD as well and used my sister as a co-signer. They would require your acceptance letter from you as well as the last 3 pay stubs from your co-signer. After sitting down with the loans officer, I got my loan within 3 days and had access to it within a week.

For your cosigner, many factors are looked at including the equity, credit history and job stability. I found that with RBC and BMO, equity was a more important factor when applying for a loan. I think aunts/uncles/cousins should be fine tho as well.

Personally from my calculations, it'll take over $200,00 to complete your 4 years...including travel (possibly from diff clinical rotation sites), travel home, incidental fees, book fees, tuitions,etc. Most of the fees are also given in USD which is another factor to consider since you will be given your LOC in Canadian funds.

solace
04-07-2010, 08:00 PM
I got a LOC with TD as well and used my sister as a co-signer. They would require your acceptance letter from you as well as the last 3 pay stubs from your co-signer. After sitting down with the loans officer, I got my loan within 3 days and had access to it within a week.

For your cosigner, many factors are looked at including the equity, credit history and job stability. I found that with RBC and BMO, equity was a more important factor when applying for a loan. I think aunts/uncles/cousins should be fine tho as well.

Personally from my calculations, it'll take over $200,00 to complete your 4 years...including travel (possibly from diff clinical rotation sites), travel home, incidental fees, book fees, tuitions,etc. Most of the fees are also given in USD which is another factor to consider since you will be given your LOC in Canadian funds.

awesome post! thanks

rs27
04-07-2010, 11:52 PM
I didn't have such a good experience with TD...IMO they're too picky about a co-signer having a really good income. I was pretty disappointed with them so I'm trying other banks.

Mrs. Featherbottom, I was told the exact opposite by TD...the co-signer is EVERYTHING. Infact, as the applicant, they hardly consider anything about me - I have stellar credit but they automatically assume I'll have 0 income because I'll be overseas for school. They basically take the full 150k and put it against the income of your co-signer and see if your co-signer can support it along with all of their other debts...if you have some sort of security or an existing relationship with TD that will obviously help, but otherwise they're not worth dealing with to me. The other thing that also frustrated me was that everything went through the underwriter rather than the lender I dealt with...so basically someone who has never met me and knows nothing about me minus what's on paper gets to decide if I get the money or not.

We'll see what some other banks tell me...with my credit and the fact I want the money to be a doctor I'll be very unimpressed if no one is willing to give me the money without a cosigner.

sgMD
04-09-2010, 12:06 AM
i was told by the Saba lady that interviewed me that it's gonna be 140.. where does that 190 come from?? I know it's in CAD but that's still a big difference.


The tuition alone is around $100,000US for 10 semesters!
The cost of living on Saba is roughly around $1000/month MINIMUM (for me it's around $1200/month including internet cost on Saba)... multiply this by 20 months = $20,000US

You will travel back home, let's say 5 times and it costs roughly around $800 each time, so ~$4000

If you're lucky not to have to live in NYC, you'll prolly end up spending $1500 per month for the clinicals, so overall $36,000US. This excludes transportation/owning a car etc... so let's say you'll use public transportation and so $40,000US.

Also, you'll end up paying a couple of grands when applying for residency.


Add these up and you get $164,000US... when I applied for loans, canadian dollar was 0.9 US so I needed around $180,000CA + $10,000 for unpredictable costs (minimum!)...


Summary: you'll need around $170,000US.

avatar4ever21
01-24-2011, 08:48 PM
150000$ is enough for 10 semesters







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